Statements illustrates diminishing marginal utility

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1-Economists who support minimum-wage legislation are likely to believe that the

A-.demand for unskilled labor is relatively inelastic.

B-.demand for unskilled labor is relatively elastic.

C-.supply of unskilled labor is relatively elastic.

D-.supply of unskilled labor is relatively inelastic.

2-Which of the following statements illustrates diminishing marginal utility?

A-.An extra dollar of income to a poor person provides that person with more additional utility than does an extra dollar to a rich person.

B-.An extra dollar of income to a poor person provides that person with less additional utility than does an extra dollar to a rich person.

C-.An extra dollar of income to a poor person provides that person with the same additional utility as does an extra dollar to a rich person.

D-.An extra dollar of income to a poor person provides that person with the same total utility as does an extra dollar to a rich person.

3- Adverse selection--buyers of life insurance will likely have higher than the average death rates-- because

A- An insured person may engage in riskier behavior than do people who are not insured.

B- Those with higher risk of death are more likely to want to buy insurance.

C- The price of life insurance will likely reflect the costs of a riskier-than-average person.

D- Third party pays means the insured does not bear the costs.

Reference no: EM13836591

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